Onward Technologies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Professional Services & Consultancy: 100.0% • Software Products - Resale: 0.0%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company has delivered good profit growth of 43.3% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.4%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 17.7% CAGR over last 5 years
- Operating margins have improved to 13.1% from 7.4%
CONS
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2300.90 | 16.72 | 832485.76 | 4.78 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1130.00 | 15.14 | 458580.27 | 4.25 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1294.00 | 20.15 | 351148.26 | 4.17 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 176.80 | 13.25 | 175109.01 | 6.22 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1592.00 | 30.38 | 156037.29 | 3.20 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4550.00 | 25.80 | 134962.70 | 1.65 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 12067.35 | 30.79 | 105086.26 | 3.31 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5655.00 | 46.38 | 89207.62 | 0.71 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1967.45 | 49.61 | 87153.72 | 0.80 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2425.35 | 24.23 | 46294.46 | 2.56 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3492.45 | 28.07 | 37047.05 | 1.66 | 3571.00 | 1029.71 | 29401.00 | 1014.73 | 27.70 | 18.65 |
| ONWARDTEC | 283.40 | 14.75 | 630.55 | 2.82 | 11.17 | -12.27 | 149.43 | 12.23 | 25.09 | 12.29 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 120 | 120 | 114 | 118 | 118 | 123 | 123 | 127 | 133 | 139 | 135 | 137 | 149 | |
| 103 | 105 | 103 | 109 | 106 | 115 | 112 | 113 | 116 | 119 | 115 | 122 | 136 | |
| Operating Profit | 17 | 15 | 11 | 10 | 12 | 8 | 11 | 14 | 17 | 20 | 20 | 15 | 13 |
| OPM % | 13.94% | 12.64% | 9.35% | 8.15% | 9.95% | 6.46% | 9.08% | 10.88% | 12.87% | 14.30% | 14.51% | 11.17% | 8.73% |
| 0 | 1 | 3 | 3 | 2 | 2 | 1 | 3 | 2 | 1 | -2 | 2 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 5 |
| Profit before Tax | 14 | 13 | 10 | 9 | 10 | 6 | 8 | 13 | 16 | 16 | 13 | 12 | 15 |
| Tax % | 19.41% | 25.43% | 31.03% | 25.78% | 26.76% | 36.79% | 28.52% | 17.18% | 20.04% | 24.57% | 23.14% | 21.38% | 24.42% |
| Net Profit | 0 | 0 | 0 | 0 | 7 | 4 | 6 | 10 | 13 | 12 | 10 | 10 | 11 |
| 4.87 | 4.27 | 3.02 | 2.97 | 3.14 | 1.57 | 2.66 | 4.59 | 5.61 | 5.26 | 4.50 | 4.26 | 5.00 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 224 | 244 | 261 | 272 | 240 | 307 | 441 | 472 | 491 | 544 | 560 | |
| 212 | 233 | 239 | 248 | 223 | 286 | 412 | 420 | 447 | 473 | 492 | |
| Operating Profit | 11 | 11 | 22 | 23 | 17 | 21 | 29 | 52 | 45 | 71 | 68 |
| OPM % | 5.01% | 4.61% | 8.59% | 8.61% | 7.17% | 6.97% | 6.64% | 11.05% | 9.10% | 13.07% | 12.10% |
| 3 | 5 | 1 | 1 | 5 | 22 | 3 | 7 | 7 | 5 | 3 | |
| Interest | 3 | 3 | 3 | 3 | 2 | 1 | 2 | 1 | 2 | 3 | 3 |
| Depreciation | 4 | 5 | 6 | 11 | 10 | 10 | 13 | 13 | 13 | 16 | 17 |
| Profit before Tax | 7 | 8 | 15 | 10 | 10 | 32 | 18 | 45 | 36 | 57 | 56 |
| Tax % | 37.84% | 10.56% | 33.33% | 35.32% | 25.22% | 25.59% | 36.33% | 24.89% | 25.41% | 22.30% | 23.50% |
| Net Profit | 4 | 7 | 10 | 6 | 7 | 24 | 11 | 34 | 27 | 44 | 43 |
| EPS | 2.53 | 4.07 | 6.17 | 3.76 | 4.35 | 12.17 | 5.05 | 15.06 | 11.94 | 19.75 | — |
| Dividend Payout % | 37.07% | 23.14% | 23.39% | 38.58% | 66.80% | 27.89% | 58.29% | 33.20% | 41.89% | 40.51% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 18%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 30%
- 5 Years:
- 43%
- 3 Years:
- 57%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- 3%
- 3 Years:
- -22%
- 1 Year:
- -15%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 15%
- 3 Years:
- 17%
- Last Year:
- 19%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 16 | 16 | 16 | 16 | 22 | 22 | 23 | 23 | 22 |
| 24 | 31 | 42 | 49 | 55 | 138 | 147 | 178 | 197 | 228 | |
| 25 | 23 | 18 | 29 | 21 | 12 | 8 | 19 | 22 | 29 | |
| Trade Payables | 3 | 8 | 6 | 6 | 7 | 12 | 11 | 13 | 9 | 12 |
| 22 | 23 | 23 | 34 | 35 | 43 | 57 | 64 | 75 | 88 | |
| Total Liabilities | 90 | 100 | 105 | 133 | 134 | 227 | 246 | 296 | 327 | 379 |
| 18 | 16 | 15 | 28 | 30 | 57 | 54 | 63 | 65 | 89 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 101 | 109 | 120 | |
| Cash & Bank | 4 | 8 | 5 | 22 | 29 | 60 | 47 | 31 | 25 | 111 |
| 68 | 76 | 84 | 83 | 75 | 109 | 145 | 101 | 128 | 60 | |
| Total Assets | 90 | 100 | 105 | 133 | 134 | 227 | 246 | 296 | 327 | 379 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 21 | 19 | 35 | 29 | 7 | 9 | 62 | 32 | 65 | |
| Cash from Investing | -11 | -5 | -5 | -6 | -10 | -32 | 6 | -62 | -17 | -22 |
| Cash from Financing | -0 | -10 | -9 | -10 | -12 | 57 | -14 | -16 | -21 | -31 |
| 3 | 2 | -3 | 13 | 11 | 21 | -2 | -16 | -7 | 12 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.70 | 4.32 | 6.41 | 3.89 | 4.49 | 10.76 | 5.15 | 15.06 | 11.94 | 19.75 |
| Book Value (₹) | 25.83 | 29.91 | 36.51 | 40.36 | 43.96 | 72.87 | 76.12 | 88.84 | 96.97 | 111.62 |
| Dividend per Share (₹) | 1.00 | 1.00 | 1.50 | 1.50 | 3.00 | 3.00 | 3.00 | 5.00 | 5.00 | 8.00 |
| Cash EPS (₹) | 5.55 | 7.85 | 9.99 | 10.95 | 10.88 | 15.34 | 10.97 | 20.82 | 17.84 | 26.79 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 6.14% | 6.56% | 9.04% | 9.00% | 9.39% | 6.97% | 7.41% | 11.05% | 9.10% | 13.07% |
| Net Margin % | 1.83% | 2.75% | 3.88% | 2.30% | 3.05% | 7.71% | 2.60% | 7.18% | 5.51% | 8.15% |
| ROE % | 10.99% | 15.67% | 19.45% | 10.19% | 10.75% | 20.39% | 6.95% | 18.34% | 12.89% | 18.84% |
| ROCE % | 14.79% | 15.05% | 23.74% | 15.89% | 13.79% | 25.89% | 11.65% | 24.38% | 17.86% | 25.09% |
| 4.53% | 7.08% | 9.91% | 5.23% | 5.48% | 13.12% | 4.86% | 12.51% | 8.69% | 12.55% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 71 | 70 | 66 | 66 | 69 | 64 | 73 | 81 | 78 | 77 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 71 | 70 | 66 | 66 | 69 | 64 | 73 | 81 | 78 | 77 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.64x | 0.48x | 0.31x | 0.28x | 0.21x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 3.36x | 3.48x | 6.54x | 3.78x | 5.22x | 32.65x | 11.84x | 34.68x | 17.33x | 20.74x |
| 1.45x | 1.45x | 1.70x | 1.53x | 1.73x | 3.07x | 3.00x | 3.75x | 3.74x | 3.58x | |
| GROWTH | ||||||||||
| Revenue Growth % | 12.97% | 9.35% | 6.77% | 4.03% | -11.48% | 27.83% | 43.50% | 7.14% | 4.01% | 10.69% |
| Operating Profit Growth % | -11.63% | 16.77% | 47.28% | 3.54% | -7.59% | 90.16% | -23.90% | 82.00% | -12.72% | 51.97% |
| Net Profit Growth % | 28.66% | 63.84% | 50.89% | -38.45% | 17.64% | 222.76% | -51.53% | 195.45% | -20.17% | 63.69% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 139.48% | 0.00% | 192.64% | -20.75% | 65.45% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 33.50x | 0.00x | 29.42x | 21.08x | 10.63x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 4.94x | 0.00x | 4.99x | 2.60x | 1.88x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.83% | 0.00% | 1.13% | 1.99% | 3.81% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 17.08x | 0.00x | 16.25x | 10.52x | 4.57x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Onward Technologies Limited has informed the Exchange about Schedule of meet
2026-08-21 - Onward Technologies Limited has informed the Exchange regarding allotment of 6500 securities pursuant to ESOP/ESPS at its meeting held on August 21, 2026
2026-08-18 - Onward Technologies Limited has informed the Exchange regarding 'Acquisition of 30,127 Equity Shares by Mrs Prachi Mehta, Promoter of the Company fromthe Open Market'.
2026-08-14 - Onward Technologies Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015'.
2026-07-22 - Onward Technologies Limited has informed the Exchange about Transcript
2026-07-17 - Onward Technologies Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-16 - Onward Technologies Limited has informed the Exchange about Link of Recording
2026-07-16 - Onward Technologies Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 16, 2026
2026-07-16 - Onward Technologies Limited has informed the Exchange regarding Cessation of Mr Jay Sonawala as Non- Executive Independent Director of the company w.e.f. July 20, 2026.
News
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